Guarantee of Execution of the Contract
The guarantee of compliance or execution of the contract is the surety insurance presented by a company at the time that a contract is awarded by legal imperative or by the creditor’s requirement, to guarantee the fulfilment of the contractual obligations.
The contract is awarded to the company after winning a tender that has previously been submitted through public tender to carry out a work or service.
This insurance of good execution is intended to cover the economic damages that are caused to the beneficiary-creditor as a consequence of the breach or defective fulfilment.